Above: Map of Jamaica

Summary: The money laundering problem is widespread. The National Commercial Bank Jamaica
had been charged with breaches of the Money Laundering Act back in 2007.
One of NCB’s customers, Olint Corporation Ltd. is currently under investigation. It just won an appeal preventing NCB from closing Olint’s accounts.
Here is an excellent July 2008 YouTube video on Olint: Jamaican Investment Club Olint implodes
On February 09, 2007 the West Indies Stockbrokers limited (WISE) posted the article below: link to article
NCB charged with breaches of Money Laundering Act

The Financial Investigative Division has charged the National Commercial Bank (NCB) with breaches of the Money Laundering Act after investigators discovered suspicious financial transactions in the account of accused drug dealer Norris ‘Deedo’ Nembhard.
The financial institution, represented by attorney Garth McBean, appeared at the Corporate Area Resident Magistrate’s Court yesterday after being notified of the charges three days ago.
The bank was slapped with the charges after police received reports that major players in a drug cartel had recruited a worker at the bank to assist them in laundering cash allegedly accrued from drug running.
The police say the bank made no report of lodgments,
withdrawals and transfers which were way above the financial threshold.
Allegations are that Nembhard lodged and withdrew US$27 million in several different transactions in 2003 without any of them being reported to the relevant authorities.
US$27 million is a lot of money to be moved around without being reported. While NCB seems to be trying to shut down violators, it had a remarkable set back in court. Olint Corporation Ltd had been withholding information and was under investigation, but the courts blocked NCB from closing Olint’s accounts.
Jamaica Gleaner published: Saturday | April 19, 2008:

Olint lawyers evade NCB account closure

NCB had notified Olint in November last year that it
was going to close its accounts because it had not
complied with its request to supply certain documents
which included audited financial statements. The request was made to satisfy NCB’s anti-money-laundering policy, Know Your Customer, and other local and international measures to protect the integrity of the banking system.
Olint went to the Supreme Court and got an injunction which barred NCB from closing the accounts until the matter was heard.
It appears that the Turks and Caicos Islands are not as lenient as Jamaica. Jamaica Gleaner, Thursday | July 17, 2008
Turks and Caicos Islands investigators eye Jamaica

OFFICIALS FROM the Turks and Caicos Islands Financial Crimes Unit say they may head to Jamaica and the United States for assistance with their probe into the multibillion-dollar investment club, Olint Corporation Ltd.
On Monday, the police in the British colony confiscated documents from offices of Olint and froze the assets of the company.
Informative YouTube video on this Turks and Caicos incident.

Additional reading:

  • Kingston State Of Mind blog: Prayers for Olint - Quote: “It’s a well known fact that the church community in Jamaica is fully invested in many of the alternative investment clubs in Jamaica.”
  • Silo Breaker has recent several articles on Olint  - link